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Conformis, Inc. (NASDAQ:CFMS) announced the departure of Brent Alldredge, Chief Legal Officer, effective January 16, 2022. Alldredge will join Bruker Corporation as General Counsel. He will assist Conformis during the transition. CEO Mark Augusti praised Alldredge's contributions since 2019, highlighting his role in advancing the company's technologies.
Conformis specializes in personalized joint replacement implants using its proprietary iFit® Image-to-Implant® technology, positioning the company well for future growth.
Conformis, Inc. (NASDAQ:CFMS) announced the appointment of James Paiva as Vice President of U.S. Marketing, effective November 8, 2021. James brings 16 years of experience from Johnson & Johnson in marketing and business development, most recently as Senior Director of Marketing for DePuy Synthes. His expertise is expected to enhance Conformis' brand recognition and capitalize on growth opportunities in the ambulatory surgery center sector. Additionally, Paiva received a restricted stock unit award of 150,000 shares, vesting over four years, as part of his employment inducement.
Conformis, Inc. (NASDAQ:CFMS) reported third-quarter 2021 revenue of $14.3 million, a 12% decline year-over-year due to deferred elective surgeries related to the COVID-19 Delta variant. Product revenue also fell 12%, with hip system revenue down 16% to $0.7 million. Gross profit decreased to $6.0 million, impacting gross margin, which fell to 42%. The net loss widened to $13.0 million, compared to a loss of $6.2 million in Q3 2020. Despite challenges, Conformis anticipates fourth-quarter product revenue between $15.0 million and $17.0 million.
Conformis, Inc. (NASDAQ: CFMS) will announce its third-quarter financial results for the period ending September 30, 2021, on November 3, 2021. The results will be available after market close, around 4:00 p.m. ET. Following the release, CEO Mark Augusti and CFO Bob Howe will host a conference call at 4:30 p.m. ET to discuss the results and provide a business update. Interested parties can access the call via webcast or telephone. The company specializes in personalized joint replacement solutions, utilizing their iFit® technology platform.
Conformis, Inc. announced promising results from a retrospective study of its patient-specific iTotal® CR knee replacement implants. The study, involving 540 procedures, revealed an impressive 98.5% implant survivorship and 89% patient satisfaction over a mean follow-up period of 2.8 years. Functional outcomes were evaluated using the KOOS-JR questionnaire, yielding a high mean score of 82. These results reinforce Conformis' commitment to delivering quality products that enhance patient outcomes and support the company's long-term growth strategy.
Conformis (NASDAQ:CFMS) updated its third-quarter revenue expectations, forecasting between $13.7 million and $14.3 million, down from $15.5 million to $16.5 million. This adjustment is attributed to increased deferrals and rescheduling of knee and hip procedures due to the COVID-19 Delta variant surge. Despite these challenges, the company remains optimistic about its growth strategy and recent product additions. Management will present further insights at the Oppenheimer Fall Healthcare Life Sciences & MedTech Summit on September 21, 2021.
Conformis, a medical device company specializing in personalized orthopedic solutions, announced participation in two virtual investor conferences in September 2021. The first is the H.C. Wainwright 23rd Annual Global Investment Conference from September 13-15, where on-demand presentations will be available. The second is the Oppenheimer Fall Healthcare Life Sciences & MedTech Summit on September 20-23, featuring a presentation by management on September 21 at 1:15 p.m. ET. Both events will offer opportunities for one-on-one meetings with management.
Conformis, Inc. (NASDAQ: CFMS) announced the first procedure using its new Identity Imprint knee replacement system on August 16, 2021, at Stratham Ambulatory Surgical Center. This system features both cruciate retaining and posterior stabilized implants, utilizing a proprietary algorithm to customize implant size based on individual CT scans. The system integrates with Conformis’ Surgery-in-a-Box delivery method, enhancing efficiency and cost savings for surgical centers. The global knee joint reconstruction market is expected to exceed $9 billion, with around 1 million replacements projected in the U.S. this year.
Conformis, Inc. (NASDAQ:CFMS) reported second-quarter 2021 revenue of $56.3 million, a 189% year-over-year increase. Product revenue rose to $15.2 million (+56%), while royalty and licensing revenue surged to $41.1 million due to a milestone payment from Stryker. Gross profit reached $47.5 million (84% gross margin), up from $11.0 million in Q2 2020. Net income was $38.0 million or $0.21 per share, compared to last year’s loss of $2.1 million. The company expects product revenue to rise sequentially in Q3, forecasting between $15.5 million and $16.5 million.
Conformis, Inc. (NASDAQ: CFMS) announced that CEO Mark Augusti and CFO Bob Howe will present at the Canaccord Genuity 40th Annual Growth Conference on August 11, 2021, at 4:00 p.m. ET. The presentation will be virtual, and interested parties can access a live webcast via Conformis' investor website. Additionally, management will offer one-on-one meetings throughout the conference. Conformis specializes in personalized orthopedic medical devices, utilizing its proprietary iFit® Image-to-Implant® technology to create custom joint replacements.